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Investment adviser pleads guilty in fraud


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POSTED: Sunday, December 20, 2009

A Honolulu investment adviser is facing a maximum of 10 years in prison after pleading guilty to interstate transportation of fraud-tainted money.

Albert J.K. Perkins IV, 34, also faces a fine of up to $250,000 after entering his plea on Wednesday. He is to be sentenced in April.

U.S. Attorney Florence Nakakuni said Perkins operated two investment firms, Asset Management Advisors Inc. and CNRG. In 2008 Perkins obtained almost $3 million from an unidentified Honolulu resident to invest by falsely promising to buy certificates of deposits that would yield nearly 19 percent, according to a news release.

After a series of transactions, Perkins used more than $100,000 of the money to buy two Porsche cars in Nevada and California, Nakakuni said.

As part of his plea agreement, Perkins is to pay about $2.8 million restitution to the Honolulu resident and five others who similarly lost money, and forfeit the cars.

The case was investigated by the FBI and the state Securities Enforcement Branch.